消息面上，1月19日，南华期货股份获纳入港股通。分析人士认为，公司获纳入港股通有望显著提升其 交易流动性。此外，目前南华期货H股较A股有明显折价，或将吸引大量内地投资者出手，南华期货的 AH股股价联动将更紧密，其H股或将迎来价值重估。 南华期货（603093）股份(02691)早盘涨超11%，截至发稿，涨8.88%，报11.4港元，成交额3765.33万港 元。 值得注意的是，南华期货近期表示，公司境内外经纪业务涉及黄金、白银等期货品种。招股书显示，南 华期货计划将H股上市的全球发售所得额净额全部分配给开展境外业务的横华国际，以增强中国香港、 英国、美国及新加坡境外附属公司的资本基础，扩大公司的境外业务，优化境外业务结构，并增强南华 期货在全球市场的竞争力和风险承受能力。 ...

值得注意的是，南华期货近期表示，公司境内外经纪业务涉及黄金、白银等期货品种。招股书显示，南 华期货计划将H股上市的全球发售所得额净额全部分配给开展境外业务的横华国际，以增强中国香港、 英国、美国及新加坡境外附属公司的资本基础，扩大公司的境外业务，优化境外业务结构，并增强南华 期货在全球市场的竞争力和风险承受能力。 智通财经APP获悉，南华期货股份(02691)早盘涨超11%，截至发稿，涨8.88%，报11.4港元，成交额 3765.33万港元。 消息面上，1月19日，南华期货股份获纳入港股通。分析人士认为，公司获纳入港股通有望显著提升其 交易流动性。此外，目前南华期货H股较A股有明显折价，或将吸引大量内地投资者出手，南华期货的 AH股股价联动将更紧密，其H股或将迎来价值重估。 ...

具体看，港股通（沪）买入成交323.63亿港元，卖出成交329.22亿港元，合计成交额652.85亿港元，成 交净卖出5.59亿港元；港股通（深）买入成交189.95亿港元，卖出成交200.36亿港元，合计成交390.31亿 港元，成交净卖出10.41亿港元。（数据宝） 南向资金今日成交概况 1月23日南向资金全天成交额1043.16亿港元，成交净卖出16.00亿港元。 证券时报·数据宝统计显示，1月23日恒生指数上涨0.45%，南向资金合计买入成交513.58亿港元，卖出 成交529.58亿港元，合计成交额1043.16亿港元。 | | 买入成交额（亿港元） | 卖出成交额（亿港元） | 成交净买入（亿港元） | | --- | --- | --- | --- | | 港股通（深） | 189.95 | 200.36 | -10.41 | | 港股通（沪） | 323.63 | 329.22 | -5.59 | | 合计 | 513.58 | 529.58 | -16.00 | （文章来源：证券时报网） ...

Core Viewpoint - Guoxia Technology (02655) saw a morning increase of over 4%, currently up 4.24% at HKD 57.75, with a trading volume of HKD 16.54 million [1] Group 1: Strategic Cooperation - Recently, Sunwoda Electric (300827) and Guoxia Technology signed a strategic cooperation agreement at Sunwoda's headquarters [1] - The agreement aims to leverage each company's strengths to deepen collaboration in the energy storage sector, focusing on market expansion and project promotion [1] - The partnership is expected to enhance global brand influence and support the transition to a greener and more sustainable energy structure worldwide [1] Group 2: Market Developments - The Hong Kong Stock Connect is set for a new round of adjustments, with results expected to be announced on February 20 and to take effect from March 9 [1] - According to a report by Industrial Securities, 48 Hong Kong stocks are anticipated to be included in the Stock Connect list, with Guoxia Technology likely to be among them [1]

南向资金今日成交概况 | | 买入成交额（亿港元） | 卖出成交额（亿港元） | 成交净买入（亿港元） | | --- | --- | --- | --- | | 港股通（深） | 233.13 | 171.72 | 61.41 | | 港股通（沪） | 381.50 | 303.61 | 77.89 | | 合计 | 614.63 | 475.33 | 139.30 | （文章来源：证券时报网） 1月21日南向资金全天成交额1089.96亿港元，成交净买入139.30亿港元。 证券时报·数据宝统计显示，1月21日恒生指数上涨0.37%，南向资金合计买入成交614.63亿港元，卖出 成交475.33亿港元，合计成交额1089.96亿港元。 具体看，港股通（沪）买入成交381.50亿港元，卖出成交303.61亿港元，合计成交额685.11亿港元，成 交净买入77.89亿港元；港股通（深）买入成交233.13亿港元，卖出成交171.72亿港元，合计成交404.85 亿港元，成交净买入61.41亿港元。（数据宝） ...

Market Overview - On January 20, the Hang Seng Index fell by 76 points (0.3%) to close at 26,487 points, influenced by a decline in technology stocks[1] - The Hang Seng Tech Index dropped by 66 points (1.1%) to close at 5,683 points, with total market turnover reaching HKD 237.8 billion, an increase of HKD 12.1 billion from the previous day[1] - Southbound capital recorded a net inflow of HKD 3.66 billion[1] Sector Performance - Gold and precious metal stocks surged due to international gold prices hitting a record high, with Zijin Mining (2899 HK) up 1.7%, Shandong Gold (1787 HK) up 2.7%, and Zijin Gold International (2259 HK) up 5.5%[1] - Real estate stocks rose as China announced financial measures for the sector, including a 25 basis point cut in the re-lending rate and a reduction in the minimum down payment ratio for commercial real estate from 50% to 30%[1] - Greentown China (3900 HK) increased by 5.6%, China Resources Land (1109 HK) by 3.7%, and China Overseas (688 HK) by 2.6%[1] U.S. Market Reaction - The Dow Jones Index fell by 870 points (1.8%) to close at 48,488 points, while the Nasdaq Index dropped by 561 points (1.5%) to 22,954 points, and the S&P 500 Index decreased by 143 points to 6,796 points[2] - Technology stocks faced significant declines, with Tesla (TSLA US) down 4.2%, Amazon (AMZN US) down 3.4%, and Google (GOOG US) down 2.5%[2] Macroeconomic Data - The National Bureau of Statistics reported that the per capita disposable income for residents in 2025 is projected to be RMB 43,377, with a real year-on-year growth of 5%[3] - Urban residents' per capita disposable income is expected to be RMB 56,502, reflecting a real growth of 4.2%, while rural residents' income is projected at RMB 24,456, with a real growth of 6%[3] Industry Developments - Pop Mart (9992 HK) shares rose by 9.1% following the announcement of a share buyback of 1.4 million shares at prices between HKD 177.7 and 181.2, totaling approximately HKD 250 million[4] - Weisheng Holdings (3393 HK) increased by 5.5% amid news of a planned investment of RMB 4 trillion by the State Grid during the 14th Five-Year Plan[4] - In the healthcare sector, the Hang Seng Healthcare Index fell by 0.8%, but Insilico Medicine (3696 HK) rose by 1.9% due to a collaboration agreement with Shenzhen Hengtai Biotechnology[5]

Core Insights - On January 20, 2026, Tencent Holdings (00700), Xiaomi Group-W (01810), and Alibaba-W (09988) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 3.726 billion, 3.051 billion, and 2.391 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Tencent Holdings (00700), Alibaba-W (09988), and SMIC (00981) led the trading volume, with amounts of 2.662 billion, 2.502 billion, and 1.936 billion respectively [1] Southbound Stock Connect Trading Activity - The top active companies in the Southbound Stock Connect included: - Tencent Holdings (00700) with a trading amount of 3.726 billion and a net buying amount of +0.503 billion [2] - Xiaomi Group-W (01810) with a trading amount of 3.051 billion and a net buying amount of +0.287 billion [2] - Alibaba-W (09988) with a trading amount of 2.391 billion and a net selling amount of -5.778 million [2] - Other notable companies included Pop Mart (09992) and SMIC (00981) with trading amounts of 2.178 billion and 2.123 billion respectively [2] Shenzhen-Hong Kong Stock Connect Trading Activity - The top active companies in the Shenzhen-Hong Kong Stock Connect included: - Tencent Holdings (00700) with a trading amount of 2.662 billion and a net buying amount of +0.160 billion [2] - Alibaba-W (09988) with a trading amount of 2.502 billion and a net buying amount of +7.257 million [2] - SMIC (00981) with a trading amount of 1.936 billion and a net selling amount of -5.420 billion [2] - Other notable companies included Xiaomi Group-W (01810) with a trading amount of 1.603 billion and a net buying amount of +0.108 billion [2]

Group 1 - The report focuses on the trends of Hong Kong stock IPOs and lock-up expirations in 2026, analyzing their impact on market performance and sector volatility [1][18] - In 2025, Hong Kong's IPO market performed strongly with 117 IPOs raising HKD 285.9 billion, regaining the top position globally, benefiting from the HKEX's Chapter 18A and 18C policies [1][18] - As of January 10, 2026, there are 300 companies queued for IPOs, primarily in technology and healthcare sectors, with expectations that the 2026 IPO fundraising will exceed HKD 300 billion [1][18] Group 2 - Historical data indicates that peaks in IPOs and fundraising do not reverse the trend of the Hong Kong stock market, as seen in previous bull markets during 2010 and 2014-2015 [2][25] - The real market impact is often felt six months post-IPO due to the lock-up expiration of cornerstone investors, which historically coincides with market downturns, although exceptions occurred in 2025 [2][8] - Significant lock-up expirations are expected in March and September 2026, with over HKD 30 billion in large companies' shares set to be released, and September's expirations could reach approximately HKD 400 billion [2][34] Group 3 - Recent capital flow data shows a decrease in northbound trading volume while southbound trading has turned net inflow, with foreign investments focusing on companies like Xiaomi and Kuaishou [3] - The trend indicates a shift in foreign capital from A-shares to H-shares, with notable inflows into developed European markets and outflows from the US and Japanese markets [3]

Group 1 - The core viewpoint of the report is that the Hong Kong IPO market is expected to maintain strong momentum in 2026, with fundraising potentially exceeding HKD 300 billion, driven by a significant number of companies in the technology and healthcare sectors waiting to go public [6][17][18]. - In 2025, the Hong Kong Stock Exchange saw 117 IPOs raising a total of HKD 285.9 billion, marking a return to the top of the global IPO rankings after four years [6][17]. - As of January 10, 2026, there are still 300 companies queued for IPOs, with a concentration in software services, biomedicine, and hardware sectors, benefiting from the HKEX's Chapter 18A and 18C listing policies [6][18]. Group 2 - The impact of IPO peaks and lock-up expirations on the Hong Kong stock market is complex; historical data shows that these events do not necessarily lead to market downturns, as seen in previous years where fundraising peaks coincided with bull markets [6][22]. - The upcoming lock-up expirations in March and September 2026 are expected to involve significant amounts, with September's expirations potentially reaching HKD 400 billion [7][36]. - The report highlights that the true impact of IPOs may be felt six months post-listing during the lock-up expiration of cornerstone investors, which historically has coincided with market downturns [7][35]. Group 3 - The report discusses the performance of stocks included in the Hong Kong Stock Connect and the Hang Seng Tech Index, noting that short-term price increases post-inclusion are not guaranteed for all companies [10][49]. - The Hang Seng Tech Index focuses on 30 representative technology companies, with a structured review and rapid inclusion mechanism, where stock prices typically react 30 days prior to index adjustments [10][52]. - Recent trends show a shift in capital flows, with northbound trading volumes decreasing and southbound trading seeing net inflows, particularly into companies like Xiaomi and Kuaishou [60][65].

Core Viewpoint - Nanhua Futures Co., Ltd. (2691.HK) has been included in the Hong Kong Stock Connect as of January 19, 2026, which is expected to unlock a direct inflow channel for mainland funds, potentially increasing attention and allocation from southbound capital and passive funds like index funds, thereby broadening the investor base and attracting incremental mainland capital [1] Company Overview - Nanhua Futures is a leading comprehensive futures company in China, established in 1996 and headquartered in Hangzhou, with services including domestic futures brokerage, risk management, wealth management, and overseas financial services [1] - The company was listed on the Shanghai Stock Exchange in 2019 and officially debuted on the Hong Kong Stock Exchange on December 22, 2025, achieving a dual listing that marks a significant step in its internationalization strategy and business innovation [1] Market Implications - The inclusion in the Hong Kong Stock Connect is anticipated to significantly enhance short-term liquidity and may lead to a medium to long-term revaluation of the company's stock [1] - The company's leading position in the industry and its internationalization potential are expected to attract renewed valuation from the capital markets [1]